Scotiabank Earnings Update

Scotiabank Scotia Capital Higher Trading Revenues Revenues (TEB) ($ millions) 656 630 644 613 575 244 322 331 371 307 369 334 299 268 273 Revenues up 5% yr/yr GCM + higher trading, including record derivatives revenues GC&IB + stronger M&A advisory fees + good lending growth - lower interest recoveries & securities gains Revenues down 2% qtr/qtr + underlying revenues up: higher trading • higher M&A advisory Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Global Capital Markets (GCM) • wider loan spreads lower interest recoveries Global Corporate & Investment Banking (GC&IB) 23 ต Scotiabank Risk Review Brian Porter Chief Risk Officer 24

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